Heat the oil in a medium skillet over medium-high heat. Add the pancetta and cook until brown and crispy, about 3 to 5 minutes. Transfer the pancetta to a paper towel-lined baking sheet to cool.

In a large mixing bowl, combine waffle mix, eggs, vegetable oil, water, cinnamon, and salt. Using a whisk, blend the ingredients together until smooth. Stir in the pancetta. Pour the batter, using the amount recommended by the waffle iron manufacturer's instructions, into the preheated waffle iron. Cook waffles for 3 to 4 minutes until golden brown.